Bitcoin price is moving fast down. We expected last week that bitcoin price will drop and yes it did. A lot of traders are feeling the present epidemic may be causing the downturn. As we all know that China is the major crypto region in the world and anything that should affect their stability may also affect the crypto market. We presently have support at $8,556 which caused a spike. This spike might not last since we are in a downtrend already. Nevertheless, $9,183 should be the target before the continuation of the downtrend. If you feel the need to trade this short spikes, then you can do so on smaller time frames as this will give the edge of seeing every market action.
Looking at the technical indicators:
Major Support Level – $8,556
Major Resistance Level – $9,183
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